lindab | group presentation
1
Lindab Group
We simplify construction
lindab | group presentation
● International group that develops, manufactures and markets products
and system solutions in steel and sheet metal for simplified
construction and improved indoor climate, within the Ventilation and
Profile business areas
● Established in 31 countries
● Number of employees: approximately 5,000
● Listed on the Nasdaq OMX Nordic Exchange under the ticker “LIAB”
Lindab in a nutshell
lindab | group presentation
Key figures
Amounts in SEK m unless otherwise specified
2008 2007
Net sales 9,840 9,280
Operating profit (EBITDA) 1,388 1,512
Operating profit (EBITA) 1,172 1,318
Operating margin (EBITA), % 11.9 14.2
Operating profit (EBIT), excluding one-off items¹ 1,279 1,309
Operating margin (EBIT), % excluding one-off items¹ 13.0 14.1
Profit after financial items (EBT) 990 1,175
Profit for the year 723 901
Cash flow from operating activities 673 875
Return on capital employed, % 20 24.5
Return on equity, % 23.4 35.9
Net debt 2,774 2,238
Net debt/equity ratio 0.8 0.8
One-off items consists of SEK 117 m for the cost reduction programme, SEK 18 m write-down of stock, a capital
gain of SEK 14 m from the sale of property, as well as a capital gain of SEK 18 m from the sale of the participating
interest in the ventilation company Øland A/S, and SEK 13 m costs to replace the CEO
lindab | group presentation
Data per share
SEK/share unless otherwise specified
2008 2007
Undiluted earnings per share 9.32 11.45
Diluted earnings per share (EPS) 9.32 11.45
Earnings per share1 9.67¹ 11.45
Cash flow from operating activities 8.68 11.12
Undiluted equity per share 44.75 37.72
Diluted equity per share 44.75 37.72
Dividend 2.752 5.25
Diluted no. of shares 74,772,000 78,708,000
1) Based on the current no. of shares, at the end of the year.
2) Proposed dividend
lindab | group presentation
Lindab market presence
● More than 125 locations in 31 countries
● Local production units in 19 countries
● 2008: The Nordic countries represented 39% of sales, Central &
Eastern Europe 30% and Western Europe 28% and the rest of the
World 3%.
Central production Ventilation
Central production Profile
Local production Profile
Production Ventilation
Local air duct production Ventilation
lindab | group presentation
History
Net Sales 1959-2008, MSEK
● 1959 - Lindab founded
– Early focus on quality in products and services
● 1975 - The first double-lipped gasket duct system
● 1984 - Introduction to the Swedish stock exchange
– From Scandinavian base successive international market expansion
● 1992 - Quoted at the Danish stock exchange
● 2001 - Ratos, Sjätte AP fonden and Skandia Liv acquisition
– Steady focus on core business – Ventilation and Profile
● 2005 - The largest acquisition to date – Astron Buildings S.A.
● 2006 - Return to the Stockholm Stock Exchange
● 2009 – 50 Years anniversary
9840
9280
7609
6214
54775302
153442
1344
3569
1 15
200820072006200520042003199919891984197919691959
lindab | group presentation
● To be "The leader in industrialised ventilation and building solutions -
Europewide“.
Vision – We simplify construction
lindab | group presentation
Business concept
● Lindab develops, manufactures, markets and distributes products and
system solutions in steel for simplified construction and improved indoor
climate.
● The business is carried out within two business areas, Ventilation and
Profile, and the products are characterised by their high quality, ease of
assembly, energy efficiency and environmentally-friendly design and are
delivered with high levels of service. Altogether, this increase customer
value.
lindab | group presentation
Our Business Strategy
The 3 central elements of the growth strategy include the following:
• Lindab will focus on its areas of strength, to further refine and industrialise
ventilation and building solutions.This means providing efficiently produced
solutions to improve the customers’ processes and make them more
efficient while enhancing customer value by providing solutions and not
just components.
• Our geographical focus will be on Europe and neighbouring countries.
Lindab will continue to strengthen its business in the Nordic region,
Western Europe and the CEE/CIS region but with particular focus on
emerging markets in the CIS.
• Lindab will continue to grow organically as well as through acquisitions.
Lindab will work actively in order to identify and exploit synergies within all
its business activities.
lindab | group presentation
Lindab success factors
● Innovative system solutions “simplifying construction”
● Production & logistics synergies
● Early establishment in the CEE/CIS
● Successful acquisitions
● Strong corporate culture
lindab | group presentation
Steel
processing
Profile
Ventilation
•Distribution
•Local
production
DIY stores
Contractors
Installers
•Purchasing
•Logistics
•Production
•R&D
•Sales
•Service CenterCustomers Indirect
customers
Consultants
Architects
Value-adding of sheet metal
for the construction sector
lindab | group presentation
Lindab’s net sales 2008 (SEK million)
0
1 000
2 000
3 000
4 000
5 000
6 000
7 000
8 000
9 000
10 000
Vent Profile Other Total
4,783 4,993
64
9,840
lindab | group presentation
Lindab – ten years of profitable growth
Net Sales (SEK m)
Acquisitions 2 900
Organic 3 600
Growth (SEK m)
-
1 000
2 000
3 000
4 000
5 000
6 000
7 000
8 000
9 000
10 000
1998 2000 2002 2004 2006 2008
lindab | group presentation
Financial targets
Annual organic sales growth, % 6
Operating margin (EBIT), % 14
Net debt/equity ratio, times 1.0 – 1.4
lindab | group presentation
Dividend policy
● The dividend policy, approved by the Board of Directors, states that
the dividend should represent 40-50 % of net profit.
● The proposed dividend shall take into consideration Lindab’s financial
targets, acquisition opportunities, future results, financial position,
cash flow, credit terms and other factors.
lindab | group presentation
Sales by market
SEK m2008 2007
Nordic region 3,799 3,680
Western Europe 2,739 2,637
Central and Eastern Europe 2,953 2,616
Rest of the World 349 347
Total 9,840 9,280
lindab | group presentation
X Portion of Group sales 2008 %
(X) Portion of Group sales 2007 %
Sales per regionNordic countries
39 (40)
Western Europe
28 (28)
Central and
Eastern Europe
incl CIS
30(28)
Rest of the world
3 (4)
lindab | group presentation
Lindab Divisions
Air Duct
Systems
The Air Duct
Systems division
focuses on complete
duct systems for
ventilation.
Comfort
The Comfort division
comprises
components that help
to distribute and treat
ventilating air to create
improved indoor
climates.
Building
Components
The Building
Components division
comprises a highly
advanced system of
components for roof
drainage, roof and
wall cladding, as well
as for wall
construction.
Building
Systems
The Building
Systems division
specialises in pre-
engineered systems
for the construction
of steel buildings.
These are marketed
and sold by
associated building
contractors.
lindab | group presentation
● Astron Single-Storey Buildings
– Low-rise, tailor-made buildings for industrial and commercial
applications: logistics and distribution centres, warehouses,
manufacturing plants, retail outlets, sport and recreational buildings
● Astron Multi-Storey Buildings
– "Fast-track" steel framed, dry construction systems for offices,
commercial buildings and process plants up to 5-stories
● Astron Standard Buildings
– Standard range of single-storey buildings available on very short
delivery times. Ideal for small/medium sized businesses and
company start-ups
Building Systems
lindab | group presentation
Building Components
● Rainline
– Extensive range of roof drainage systems including guttering, downpipes and fittings in
various colours and sizes
● Construline
– Beams, battens and purlins in steel for lightweight construction techniques
● Coverline
– Profiled sheet metal roof and wall cladding for residential, commercial and agricultural
buildings
● Seamline
– Standing seam roofing and accessories with high quality coatings in a range of colours
● Doorline
– Garage and industrial doors made from a freon-free sandwich construction
lindab | group presentation
● Circular and rectangular ducts for ventilation systems
● Machinery
– Machinery for the manufacture of spiral ventilation ducts and
ventilation fittings
● IT Solutions
– IT tools for design, calculation, quantification and planning of
ventilation systems
Air Duct Systems
lindab | group presentation
Comfort
● Air systems
– Diffusers, grilles, control valves and VAV systems
● Water systems
– Chilled beams, facade systems and heating strips
● Acoustics
– Silencers to create a quieter indoor environment
● IT solutions
– IT tools for design, calculation, quantification and planning of indoor
climate systems
lindab | group presentation
Organisation
1)
Profile
Lindab
Ventilation
Building Systems
Building Components
Air DuctSystems Comfort
Group Staff
Business Areas
Divisions
lindab | group presentation
Executive Management
David Brodetsky
CEO and President
Lindab Group
Peter Andsberg
Manager Profile business area -
Building Components
Nils-Johan Andersson
CFO Lindab Group
David Brodetsky
Acting Manager Ventilation
business area
Venant Krier
Manager Profile business area -
Building Systems
Anders Persson
HR Director
Lindab Group
Carl-Gustav Nilsson
General Counsel
Lindab Group
lindab | group presentation
Largest share-holders (per 31 Dec 08)
Ratos AB (publ) 22.49 %
Livförsäkringsbolaget Skandia 11.66 %
Sjätte AP-fonden 11.18 %
lindab | group presentation
Lindab’s core values
● Simplified construction
– We want our customers to view our products and services as problem
solvers and package solutions customised to their needs, reliably
delivered.
● Down-to-earth
– At Lindab, we are proud of our products, of what we do and of our
company. We strive for simplicity, a straightforward and genuine
approach, and relationships based on trust.
● Neatness and order
– We want our customers and other stakeholders to feel that Lindab is a
well-run company and that they have chosen the right company to work
with. We seek to be and stand out as a frontline company!
lindab | group presentation
27
We simplify construction